Enphase Energy reportedly laid off about 160 staff in January, which is shut to six% of the photo voltaic inverter, vitality storage and EV charger producers’ workforce.
Badri Kothandaraman, president and CEO of Enphase, acknowledged in a document revealed within the Securities and Change Fee that the layoffs are largely brought on by the now inactive residential funding tax credit score (25D).
“We’re aligning our value construction to match present market situations whereas staying disciplined towards our financing working mannequin,” Kothandaraman wrote.
The doc additionally states that an undisclosed “small quantity” of different staff will likely be laid off. The layoffs will likely be efficient February 16. The affected workers is receiving a minimal of 13 weeks of severance pay.
Enphase has been working at about $80 million quarterly, however plans to scale back these expenditures by between $5 to $10 million by Q3 2026, based on the doc. The corporate is reportedly investing $4.6 million in a number of value financial savings initiatives, that embody product analysis and improvement, in addition to implementing AI and automation in customer support, product diagnostics and operations.
Enphase announced yesterday that it’s planning to begin manufacturing of its IQ Bidirectional EV Charging Platform in This autumn 2026.
